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Accounting / adjustment of deemed dividend

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(Querist)
19 November 2011 private company has given a loan of Rs. 25 Lakhs to directors holding shares more than 10%.
As per section 2 (22) (e) of IT Act, it is treated as deemed dividend.
Now kindly suggest accounting of deemed dividend and whether the said deemed dividend can be adjusted against loan given to director.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
12 May 2012 Deemed dividend is only for the purposes of Income Tax Act and not accounting purposes.

There will be no entry for deemed dividend.

Entry will be passed for dividend distribution tax paid by the company.
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